SOURCE: iGaming Business

Online casino and sportsbetting group Unibet has revealed a decline in fourth quarter profits although turnover for the year rose by almost nine percent.

The Swedish and Malta-based group stated that turnover for 2007 rose to $160 million from the previous year’s $141 million but that profits prior to tax fell to just over $31 million from 2006's $56 million.

For the final quarter of 2007, Unibet stated that turnover also rose to just over $48 million from the previous year’s $38 million while after-tax profit sank to $5.3 million compared to the $14.5 million achieved in the same quarter for 2006.

The firm detailed unsatisfactory earnings and charges relating to the group's withdrawal from the Pro Tour cycle racing events together with an increase in marketing costs as the chief causes for the lapse.

However, the company reported a ten percent increase on a quarterly basis for online poker with the active gambler base increasing by 15 percent over the previous quarter for both Unibet and bingo subsidiary Maria Holdings.

Finally, Unibet stated that its quarterly sportsbook margins were up by 7.5 percent.